Seretse, Sibisibi & Co subpoenaed over Bluthorn missing millions

The Master of the High Court has subpoenaed former Minister Vincent Seretse, former Kweneng District Council Chairman Jeffery Sibisibi, and others over the lacking Bluthorn Fund Managers’ (BFM) P400+ million.

The duo, along with majority shareholder Eune Engelbrecht and others are set to seem earlier than buyers and supply solutions because the seek for the lacking funds proceed.

During his most up-to-date briefing, liquidator Kopanang Thekiso indicated he was having difficulties tracing the a whole lot of hundreds of thousands belonging to buyers. The funds are believed to have been shared between administrators and related people.

Thekiso stated the interrogations would assist to facilitate authorized proceedings towards third events for doable recoveries.

Non-Bank Financial Institutions Regulatory Authority (NBFIRA) informed Sunday Standard in 2021 that the authority couldn’t go after administrators of their private capability as a result of they’re constrained by restricted legislative powers.

“Aggrieved investors of non-bank financial institutions have the option to seek redress through civil litigation for matters that fall outside the scope of the Regulatory Authority,” NBFIRA stated. The Authority stated the present authorized framework has sturdy provisions to safeguard buyers as afforded by the NBFIRA Act and the varied trade particular laws and their related Regulations. 

In his latest report back to buyers, liquidator Thekiso, stated interrogation of administrators and officers of the BFM Group and related corporations can be in accordance with Section 431 of the Companies Act.

He beneficial that an enquiry be carried out to gather proof underneath oath from subpoenaed people and organisations. A forensic audit, Thekiso stated, would additionally establish and observe fund flows.

Those within the checklist of subpoenas additionally embrace Kelebogile Sibisibi, Shirley Kamodi, Joseph Botuna Mosimane,Joseph Batsalelwang, Alfred Mokone, Motlamedi Matome, Relebanye Magosi, Marthinus van de Merwe, and George Earl.

Former Kweneng District Council Chairman Sibisibi is likely one of the founding administrators of BFM and related corporations. His daughter, Kelebogile Sibisibi, subsequently took over the directorship alongside Engelbrecht. 

Sibisibi senior is believed to have been instrumental in convincing district councils to put money into what the liquidators have now described as a Ponzi scheme. Former minister Seretse can be listed as founding director and shareholder.

BFM has 4 minority shareholders holding 10 % every with the bulk shareholding (60 %) held by Blu Thorn Procurement Solutions which is 100% owned by B Thorn . B Thorn being held by Eune Engelbrecht (40 %) Kelebogile Sibisibi (40). Engelbrecht, Sibisibi and van der Merwe collectively personal all of the shares within the holding firm, B Thorn, which owns the vast majority of shares in BFM.

The Statutory Manager described the businesses as so intently associated that transactions between them are the equal of brothers and sister sitting at a household lunch desk and passing cash between themselves. While BFM was the recipient of all shopper/investor funds, as a substitute of taking over the duty of abiding by the phrases of its license as a collective funding endeavor, investigations indicated the corporate moderately ‘invested’ the funds in its personal unlicensed household corporations.

The checklist of buyers consists of: Gaborone City Council with P20 million, Mogoditshane Sub District Council with P40 million, Ghanzi District Council-P40 million, Kgalagadi District Council-P50 million, South East Sub District-P45 million, Southern District Council-P10 million, Tlokweng Sub District Council, P23 million, Hukuntsi Sub District Council-P5 million, Tonota Sub District Council-P10 million and Kanye District Council -P6 million. The most affected district councils  are Letlhakeng Sub District Council which had deposited P140 million, South East District had deposited P100 million, Mahalapye Sub District Council, deposited P70 million. Landboards throughout the nation have been additionally not spared from dropping hundreds of thousands within the funding scheme.

Malete Landboard had invested P13 million and Tlokweng Land Board had deposited P28 million. Botswana Sectors of Educators Trade Unions (BOSETU) invested P21 million, Kgatleng Development Trust -P15 million, Botswana Institute for Development Policy (BIDPA) P3 million, BOFESETE Funeral Scheme-P7 million. Individuals had invested greater than 111 million collectively.

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